Property management companies work with various properties such as residential, commercial, association, and vacation properties. Within these different property types, there are some core services that property management companies offer their clients.
Leasing is one task that many property managers take on. Property managers try to find tenants that will stick around for as long as possible, pay rent on time, and take care of the property.
The leasing process is extensive and requires preparing and listing the property on a website, taking pictures and videos, and showing the property to tenants. Then, the tenants have to be screened in depth. When it comes to the actual renting process, the property manager has to take care of the paperwork, move-in reports, and certificate of occupancy inspections. They will also arrange for a security deposit collection in accordance with state laws.
Next, a property management company will handle rent collection. Most property management companies will provide online portals where tenants can pay their rent. They will send out late rent reminders and issue fees if the payment is officially considered late. They will ensure the online payment portals work correctly and will pursue tenants who don't pay their rent on time using proper communication and legal methods.
If necessary, they will issue pay and quit notices and start the eviction process if rent is still not paid. A property management company will have staff who are trained on how to go about the eviction process in a correct legal manner.
Maintenance & Repairs
The property management company will ensure that all property quality complaints are addressed quickly. They will ensure that preventative maintenance is performed on the property to keep it in good condition. They may handle this in-house with their own staff or may use trusted third-party vendors.
Taking care of maintenance and repairs is really important as it can help increase tenant satisfaction and decrease tenant turnover. Additionally, taking proper care of the property will help it retain its value. Plus, regular documented maintenance can be useful if an insurance claim ever needs to be filed.
Day-to-Day Tenant Relationships
Fourth, a property management company will handle day-to-day tenant relationships. They will act as the point of interest for the tenants with any issues, questions, or requests that they have. They will ensure that tenant concerns are addressed in a timely manner, which will help retain tenants and keep the rent money coming in.
A property management company is essential if you own a property you want to rent out. They will help find quality tenants, collect rent, take care of maintenance and repair, and work to retain and build positive relationships with the tenants. They keep everything working properly and legally with your rental properties.Share